Gabelli Asset Management reported second quarter earnings of $0.46 per diluted share, less than the $0.53 predicted by analysts.

Total assets under management were $28.2 billion, unchanged from the first quarter. Total mutual fund assets were $13.2 billion, a drop of 2.8 percent from $13.6 billion at the end of March.

Falling Down
Mutual Fund Assets	6/30/2004	3/31/2004	% Change
Open end	7,852	8,106	-3.1%
Closed end	3,764	3,739	0.7%
Fixed income	1,563	1,717	-9.0%
Total	13,179	13,562	-2.8%
Source: Gabelli earnings release

In other news in the second quarter, Gabelli began offering shares of a new Global Utility & Income Trust fund in late May. The closed-end fund began trading on the American Stock Exchange on May 26th; gross proceeds from the offering were $58 million.

The company announced in mid-July that Bill Gates' personal investment firm had an August 5th-expiring put option worth five percent of Gabelli. Michael Anastasio, Gabelli's chief accounting officer, confirmed that Gabelli is still continuing negotiations to extend the notice period. 

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